WASHINGTON (DTN) -- USDA increased its forecast for U.S. soybean exports by 20 million bushels but ending stocks only declined 5 mb to 145 mb in Monday's World Agricultural Supply and Demand Estimates report.

USDA dropped its domestic crush estimate by 10 mb and increased imports by 5 mb. The stocks-to-use ratio declined to 4.4% from last month's 4.5%. The average farm price was pegged at $12.95, with a high of $13.70 and a low of $12.20.

Globally, USDA dropped its Brazilian soybean production forecast by 1.5 million metric tons to 88.5 mmt while leaving Argentina's production unchanged at 54 ...